Thursday, 20 March 2008

Freeworld buys Canadian coatings technology, with further options

Marketwire reports that the Canadian environmentally advanced coatings company Napier Environmental Technologies Inc. has signed a term sheet for the sale of its intellectual property outside North America to South African company Freeworld Coatings Global - makers of Plascon paints - for $5.25 million in cash. Napier will also grant Freeworld a one-year option to acquire its North American sales, marketing and manufacturing operations, including existing customers outside of North America. Should the option not be exercised, Napier would refund $100,000 to Freeworld. Should Freeworld exercise the option, among other conditions, they would be obligated to purchase the production equipment and inventory from the company at the then net book value, currently valued at approximately $550,000.

The transaction remains subject to regulatory approvals in Canada and South Africa. Says Andre Lamprecht, CEO of Freeworld Coatings Global:

"This acquisition furthers our intention of building on the essence of our brand, which reflects our vision of becoming an even stronger international force within the coatings industry and a world-class multinational company that is commercially, socially and environmentally responsible".

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